ABSLI Life Shield Plan
Term Insurance that truly fits your needs.
Term Insurance that truly fits your needs.
Inbuilt terminal illness benefit
Covers Covid-19 deaths³
Why Buy ABSLI Life Shield Plan?
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High life cover at pocket-friendly premium rates
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8 plan options to suit your different protection needs
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Customizable sum assured that fits into your budget
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Flexibility to pay the premium annually/ half-yearly/ quarterly/ monthly
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You can increase your insurance cover at major life stages
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On maturity return of premium facility pays you back all the premiums paid
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Easy to buy! You can buy policy both online and offline
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3 claim payout options to choose from: Lump sum payment / Staggered payment with fixed annual income/ Staggered payment with increasing annual income
Benefits of ABSLI Life Shield Plan
Your family doesn’t need to compromise on the lifestyle under any unfortunate situation. Empower your loved ones to face unforeseen circumstances of life.
Death Benefit
If the life insured passes away during the policy term, the nominee(s) will receive the death benefit mentioned in the policy. The death benefit amount is the sum assured minus any previously paid terminal illness benefit. Once the death benefit is paid, the policy is terminated. Please read the policy brochure for more details.
Terminal Illness Benefit
In case the life insured is diagnosed with a Terminal Illness, 50% of the sum assured is paid immediately subject to a maximum of ₹ 2.5 crores. Plus we will waive off all the future premiums to reduce the financial burden in this scenario. On subsequent death during the policy period, the remaining sum assured will be paid to the nominee. Please refer to the policy brochure for more details.
Waiver of Premium
All future premiums are waived under two situations: Total Permanent Disability(TPD) and Critical Illness (CI) diagnosis of the life insured. Waiver of premium is applicable if the life insured suffers from TPD/CI, whichever is earlier. This is a single time benefit and does not affect the death benefit of the policy. Please read the policy brochure for more details.
Maturity Benefits
Maturity benefit is paid to the life insured if he/she survives the policy. On the policy maturity date, the sum of all the premiums (excluding GST, premiums paid towards underwriting extras and/or riders as may be applicable) is paid back. This is applicable only if the plan option has a return of premium feature.
Joint Life Protection
This is an optional benefit. Under this option you (primary life insured) and your spouse (secondary life insured), both can get covered under a single policy. 50% of the applicable sum assured will be assigned to your spouse. Please read the policy brochure to know the plan options that come with Joint Life Protection.
Enhance Life Stage Protection
Your protection needs may vary at different stages of life. The life cover amount you need will increase with life events like getting married and childbirth, etc. With enhanced life stage protection, you can increase the life cover amount of the existing policy. Please read the brochure to know the plan options that have this benefit.
Rider Options
Why to settle with limited safety when there is an option to expand the coverage limit? Buy any of the six riders at a nominal extra cost for wider coverage of life. Riders include ABSLI Accidental Death and Disability Rider (UIN: 109B018V03), ABSLI Critical Illness Rider (UIN: 109B019V03), ABSLI Surgical Care Rider (UIN: 109B015V03), ABSLI Hospital Care Rider (UIN: 109B016V03), ABSLI Accidental Death Benefit Rider Plus (UIN:109B023V02).
Income Tax Benefit²
The premium paid towards this plan is eligible for tax benefits² under section 80C of the Income Tax Act, 1961. Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
Plan Options
We offer a wide range of 8 plan options under the ABSLI Life Shield plan so that you can buy the best most suitable term insurance as per your requirement.
Option 1
Level Term Assurance
The sum assured you choose at the inception of the policy remains constant throughout the policy term. You can not change the sum assured in the middle of the policy term. Also, the premium is steady for the entire policy term.
Option 2
Level Term Assurance with Waiver of Premium Benefits
This plan option comes with a waiver of premium feature. In addition to all benefits under option 1; this option waives all future premiums in case the life insured is diagnosed with a critical illness or suffers from total permanent disability, whichever occurs earlier. The policy continues till the end of the policy term.
Option 3
Increasing Term Assurance
Enhance the sum assured by 5% or 10% p.a (simple) at the inception of the policy with the same premium for the entire policy term. Higher is the sum assured, better is the protection. This option can address the requirement of higher life coverages as you proceed through your life stages.
Option 4
Increasing Term Assurance with Waiver of Premium Benefits
In addition to option 3, the life insured gets a waiver of premium in case diagnosed with a critical illness or suffering through total permanent disability, whichever occurs earlier. The life insured stays covered till the end of the policy term without paying any premium.
Option 5
Decreasing Term Assurance
This plan option is designed to protect the repayment of loans/ mortgages taken by you. The amount that you are covered for / sum assured decreases over time generally in line with your loan or mortgage repayments. The death benefit(as per decreasing sum assured) is payable as per the schedule mentioned in the policy.
Option 6
Decreasing Term Assurance with Waiver of Premium Benefit
Mortgage or Loans with Critical Illness or Total Permanent Disability can be a nightmare. This plan option aims to protect your family from having to repay the loan/ mortgage they can't afford without you. Option 6 for complete premium waiver and continued death benefit, along with gains under option 5, till the policy term ends.
Option 7
Return of Premium
If the life insured survives the policy term, he/ she will get back the premiums paid till the maturity of the policy. This amount excludes government taxes and charges such as loadings for modal premiums, any applicable rider premiums or underwriting extras. The sum assured under this policy remains constant for the whole policy term.
Option 8
Return of Premium with Waiver of Premium Benefit
With Option 8, the premium will be waived off and the cover continues till the end of the policy in case the policyholder is diagnosed with critical illness or total permanent disability (whichever is earlier). Plus all the benefits under option 7 are applicable in this policy as well.
Term Insurance without riders is security half-done!
Term insurance riders are optional covers that add extra protection to your base term insurance policy. With a nominal additional premium, you can choose to broaden the scope of coverage as per your requirements.
ABSLI Accidental Death and Disability Rider
UIN: 109B018V03
Get additional protection for accidents leading to death or disability at a nominal cost.
Download Brochure
ABSLI Accidental Death Benefit Rider Plus
UIN: 109B023V02
Get additional protection for accident leading to death at a nominal cost.
ABSLI Critical Illness Rider
UIN: 109B019V03
Get benefit amount as a lump sum upon diagnosis of any of the 4 specified critical illnesses.
ABSLI Hospital Care Rider
UIN: 109B016V03
Get daily cash benefit, additional ICU benefit and lump sum recuperating benefit upon hospitalization.
ABSLI Surgical Care Rider
UIN: 109B015V03
Get a lump sum benefit amount to cover surgical expenses.
How does ABSLI Life Shield Plan work?
Learn with an example. Lead by an example.
- Atul (aged 35) and Nina (aged 30) made a couple and were non-smokers. They chose ABSLI Life Shield with Joint Life Cover for 30 years.
- In this case, the primary insured get the sum assured Rs.1 crore and secondary sum assured get life cover of Rs.50 lakhs.
- The annualized premium for Atul is Rs.11,510/-(for cover of Rs.1 crore) and for Nina is Rs.4,375/-(for cover of Rs.50 lakhs). The Joint Life Premium Payable is Rs.15,448 (with 10% discount on the premium for the spouse).
- In case of the death of the primary insured, the spouse gets the sum assured and the life cover for the secondary insured continues, with premiums waived off. Later, after the death of the secondary insured before the maturity date, the nominee gets the benefit and the policy ceases to end.
- In case, the secondary insured dies first, the sum assured will be paid to the primary insured. The future premiums will be reduced. Later if the primary insured passes away before the maturity date, the nominee gets the benefit. The policy then ceases to an end.
- Mridul, a non-smoker, bought the Decreasing Term Assurance option ABSLI Life Shield Plan. The term of the policy chosen was 25 years.
- The annualized premium for a sum assured of Rs.1 crore is Rs.9,575/- (excluding GST). The sum assured reduction percentage was chosen as 5%.
- After 15 years of policy completion and regular premium payment Mridul passed away. The sum assured applicable for that year was Rs.85 lakhs. The nominee gets the same amount after the death.
- Vipul, aged 35 years was a non-smoker. He bought the ABSLI Life Shield Plan with the Return of Premium option.
- The policy term was 25 years and the sum assured was Rs.1 crore.
- The annualized premium paid by Vipul is Rs.24,900/-(excluding GST).
- Vipul survived the policy term(25 years) and received a total of Rs.6,22,500 on maturity.
Entry Age (age last birthday)
For Plan Option: 1|3|5|7: 18 to 65 years
For Plan Option: 2|4|6|8: 18 to 50 years
Maximum Maturity Age
85 years
Policy Term
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Plan Options 1 to 6 |
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Premium Payment Options |
Min Policy Term (in years) |
Max Policy Term (in years) |
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Regular Pay | Single Pay |
10 |
55 |
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Limited Pay 6 & 8 Years |
10 |
55 |
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Limited Pay 10 Years |
15 |
55 |
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Plan Options 7 & 8 |
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Premium Payment Options |
Min Policy Term (in years) |
Max Policy Term (in years) |
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Regular Pay | Limited Pay - 6, 8, 10 Years | Single Pay |
20 |
55 |
Premium Paying Term
Single Pay | Limited Pay – 6, 8, 10 Years | Regular Pay
Premium Mode
Annual | Semi-annual | Quarterly | Monthly
Sum Assured
Minimum – Rs. 25,00,000
Maximum – No Limit (subject to underwriting guidelines)
What’s not covered?
ABSLI Life Shield Plan does not cover the family in the following circumstances.
We do not cover deaths by suicide. If the policyholder commits suicide within 12 months of the policy, we will pay premium paid to date (excluding applicable taxes) or surrender value.
We do not promise Total Permanent and Critical Illness Benefit if it happened due to pre-existing illness, sexually transmitted diseases, suicide or attempt to suicide, illegal activity, drugs, nuclear contamination, etc.
No Terminal Illness Benefit if it is caused by self-inflicted injury or attempt to suicide.
No payments in case of Total Permanent Disability resulting after engaging in professional sports or adventures.
How to initiate Claim?
3 quick steps, everything online.
- Fill basic details
- Claim intimation
- Document submission
Frequently Asked Questions
We are constantly trying to simplify ABSLI Life Shield Plan!
Several term plans come with an option of ‘return of premium’ in case the policyholder survives the policy period. This amount that the policyholder receives upon the termination of policy is known as maturity benefit.
Post the receipt of all claim requirements/ documents, your claim will be generally settled within 2 to 3* business days. To raise a claim, you can either fill an online claim form, or visit your nearest ABSLI Branch, or call on our toll-free number 1800 270 7000.
*all requisite documents are submitted & claim does not require field investigation
*all requisite documents are submitted & claim does not require field investigation
You may be entitled to certain applicable tax benefits² on your premiums and policy benefits. Please note that all the tax benefits are subject to tax laws prevailing at the time of payment of premium or receipt of benefits by you. It is advisable to seek an independent tax advice.
The maximum policy term is 55 years.
You can choose to pay the premium either for a single time, or for a limited period of 6, 8 and 10 years, or regularly till the maturity of the policy.
The minimum policy term for Plan Options 1 to 6: 10 years. (For Limited Pay Variant with PPT 10 years, it is 15 years.). For Plan Options 7 and 8: 20 years.
The maximum policy term for all plan options is 55 years.
The maximum policy term for all plan options is 55 years.
Death benefit for limited or regular pay plans will be the highest of 10 times the annualized premium, or 105% of total premiums paid till date of death, or absolute amount assured to be paid upon death. For single pay plans, the death benefit will be the highest of 125% of single premium amount or absolute amount assured to be paid upon death.
We will pay the premiums paid to date (excluding applicable taxes) or surrender value, if higher in the event the life insured dies by committing suicide, within twelve months from the inception of the policy or revival date of the policy respectively, provided the policy is inforce.
For Joint Life Protection, the suicide exclusion described above applies in the event of earlier death of either the Primary Life Insured or the Secondary Life Insured and the life cover as mentioned in the Joint Life Protection section shall continue for the surviving Life Insured subject to the payment of reduced future premiums, if any.
For Joint Life Protection, the suicide exclusion described above applies in the event of earlier death of either the Primary Life Insured or the Secondary Life Insured and the life cover as mentioned in the Joint Life Protection section shall continue for the surviving Life Insured subject to the payment of reduced future premiums, if any.
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Disclaimer
¹ Scenario to avail rate of Rs. 699/ month- 25 years health female, non-smoker, policy term- 35 years, Selected plan option- Level Cover option, Sum assured- 1Cr, and option of regular pay. The premium includes GST. Premium: INR 23.3/ day (₹683.08/30 days = ₹23.3/day), if paid monthly excluding GST. (Online premium)
²Tax benefits are subject to changes in tax laws. Kindly consult your financial advisor for more details.
³Our life insurance policies cover COVID -19 claims under life insurance claims, subject to applicable terms & conditions of the policy contract and extant regulatory framework.
⁴ The TAT of 3.5 days is for individual business. Source: As per annual audited figures submitted to IRDAI for the period FY 20-21
This policy is underwritten by Aditya Birla Sun Life Insurance Company Limited (ABSLI). This is a non-linked non-participating individual life term insurance plan. All terms and conditions are guaranteed throughout the policy term. GST and any other applicable taxes will be added (extra) to your premium and levied as per extant tax laws. An extra premium may be charged as per our then existing underwriting guidelines for substandard lives, smokers or people having hazardous occupations, etc. The insurance cover for the life insured will commence on the policy issue date. UIN: 109N109V06 ADV/5/22-23/298.
